@Anonymous wrote:
@macuser_22
You keep reposting these instructions but they don't seem to match the 2020 software. Also, you indicate to enter the 1099-R info but if we are doing this back door conversion between Jan and Apr 2021 - we will not have a 1099-R to do this, so it is very confusing. Can you do us a favor, and update your instructions to reflect the current date and software version?
I am trying to enter this "back door" information but the software is trying to steer me one way, and your post is going the other way!!
The above post was posted on 2/26/2000 for filing a *2019* tax return. 2020 TurboTax was not released until Dec 2020. The information is correct. Screens in the online version might look somewhat different but the data is the same. Just add one to the years posted for the 2020 version.
Any conversion done after Dec 31, 2020 is a 2021 conversion and you will receive the 1099-R for that next Jan to go on your 2021 tax return next year.
There is a misconception that you have until the filing date (Apr 15) to do a backdoor Roth - that is not correct. You have until Apr 15 to make a 2020 IRA *contribution* only, the conversion part must be reported in the tax year that the conversion took place - 2021.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
